I’ve been leaning towards a retest of the highs in recent days, and the main reason for that is the falling megaphone from the all time high which broke up slightly at the high last week. Since then though SPX has lost the support at the 50 day MA & EMA, and then the 50 hour MA, and followed up by losing support at the 5 DMA yesterday. From here there are two obvious paths forward:
On the bull scenario a double bottom is forming that would target 2103.5 on a break over 2088. Once that played out bulls could have another try at the daily middle band to try and open up a possible retest of the high which would be supported by the falling megaphone that would then be targeting a retest of the all time high.
